So how do we build an office fitout budget?
An office fit-out budget is one of the most important aspects to consider when planning a new office. What may seem like an insignificant expense, in the beginning, can quickly add up and become very costly. You must know how much it will cost before finalizing your decision on where to locate your company, so you can factor this into your considerations. This article walks through how to build an office fit-out budget and offers some helpful tips for making sure you stay within a realistic range while building out your space. With these helpful tips and advice, we hope that preparing for an office fit-out becomes less stressful and more manageable!
How much does an office fit out cost? This is one of the most frequently asked questions on Google. The answer is not straightforward, as many factors influence the total cost of a project, some of which are more significant than others.
The first step in creating a budget for your office fit-out is to take an inventory of what needs to be done. The next step is figuring out how much you have available and the best way to allocate those funds. It’s important to consider quality as well as cost, so make sure you do enough research before making any decisions about where to spend your money. Once that’s been decided, it’s time to find a contractor or architect who can help with the design process!
It’s important to take into account the size of your business, how many people are likely to work in the space, and what their needs are. Factor in design elements such as lighting, furniture, storage options, and aesthetics before you start thinking about any other expenses like labeling or signage.
The costs of office fit-out can be challenging for any business owner to get their head around. Many considerations should go into making this decision, for example, whether or not certain assets should be purchased or leased, and how much influence existing office infrastructure will have on the final budget. It’s certainly worthwhile taking some time to research how sustainable your new fit-out will be, along with ways in which you could potentially save money when it comes time to pay up. Once all factors in your decision have been considered, including advice from professionals and those in the know, it’s time to put together a budget.
If you’re looking for some great ideas on how to create an office fit-out budget that will work for your business, here are 5 tips:
1) Estimate up front costs
Estimate for everything, you can think of. This is the most important part of building your budget and it’s all about being thorough. Once you have a clear idea of what you need in terms of design, space, and equipment, start adding up your costs from materials to labor to any extras that come with getting a new fit-out done.
2) Add between 10-20% on top of unforeseen expenses.
Things like faulty workmanship, damaged goods, or lost time during construction can lead to unexpected costs that aren’t covered by insurance. Make sure your budget includes funds set aside for these issues.
3) Factor in the cost of long-term improvements
These include such as signage and branding when possible. You don’t necessarily need to add all this money on day one, but if you are making improvements or changes then make sure you account for them.
4) Always remember to consider your depreciation costs.
Write down the original value of anything new and keep track of what it’s worth each year. This will be different for every asset, so do some research to find out its appropriate rates. It may affect whether certain assets should be purchased or leased.
5) You can also consider incentives that might come with standardizing your office fit-out
These are such as improving indoor environmental quality (IEQ) to receive rebates on utility bills – ask an expert about these kinds of deals to see if they’re feasible in your budget.
6) Make sure you factor everything in
This is including all the advice and estimates you’ve received; don’t leave anything out. You can get an accurate figure once all of this is added up, which you can then use to make any necessary decisions about the costs.
7) Consider what you want – and need – in a new fit-out
Before anything else, take some time to consider what you would like – and need – from your new office space. This might include elements such as increased or improved storage, modern design features, or an increase in meeting spaces. Once you have a good idea of what you would like included in your fit-out, it’s much easier to create a budget that reflects this. You can then start to factor in other costs associated with the project such as labor and materials.
8) Compare quotes and prices from fit-out companies
If you already have a company in mind, make sure to research their prices and quotes thoroughly. It’s always good practice to get multiple quotes, even if it means asking around or identifying new fit-out options. This is because the most costly quote isn’t necessarily the best option for you – you might find that there are hidden costs, poor design choices or, staff disapproval with your chosen company. Be sure to compare products, services offered, and value for money when assessing different quotes. For example, are extras such as electricity included or is this additional cost? What type of warranty is available on products used in the fit-out?
9) Ensure your office fit-out budget includes any required planning approvals
Before finalizing your fit-out budget, be sure to get a quote for any required planning approvals. These may include council building requirements, fire regulations, and working at heights permits among others. Some companies specialize in preparing these plans but you should also have a basic understanding of what is needed so you can check that the right documents are included in your final fit-out quote.
10) Don’t forget about the ancillary costs
You might think that your office fit-out budget will stop once the design process is completed and fees have been paid but there’s more to an effective fit-out than this! It is important to remember the ancillary costs such as furniture, lighting, and kitchenware and don’t neglect smaller items like carpet cleaning or window washing. All of these costs may not be included in your office fit-out budget so you might want to consider these services as an extra.
11) Consider Your Office Layout
Finally, it’s essential that before the office fit-out even begins, you know exactly how much space you have because this will affect what kind of furniture and equipment is used. Nowadays, there are all kinds of flexible options available to suit different budgets and it’s important to consider them before moving forward with the process. By doing your research first, you’ll be able to set out a clear plan for your business which should make it easier when trying to create the ideal workspace within any given budget!
12) Choose materials based on cost-effectiveness
Choose materials based on cost-effectiveness and durabliity. Now that you’ve decided on the layout and worked out your budget, it’s time to start buying materials! This is where research comes in handy as by now, you’ll have a good idea of what your office needs. It’s important to keep in mind the purpose of everything so you can make sure they’ll last long enough to justify their associated costs. For example, if you’re investing money into new carpets for the office but only plan on staying there for another few years, this may not be the best option. Instead, think about cheaper options like laminate or wood flooring which will offer all kinds of benefits without breaking the bank.
13) Complete installation before moving in
Last but certainly not least; once you’ve sorted out all the supplies, it’s time to get them installed. This is where you’ll need to make sure that everything goes according to plan by getting proper measurements of the space beforehand. Taking on this task yourself may end up saving you some money but if you’re not too keen on risking your safety by doing so hiring a professional office fit-out company will probably be for the best.